Rockspring has refinanced its Lloyds HBoS €282 mln capital market facility for its German Retail Box Fund (GRBF) with five banks.
Rockspring has refinanced its Lloyds HBoS €282 mln capital market facility for its German Retail Box Fund (GRBF) with five banks.
European fund manger Rockspring Property Investment Managers said it had refinanced the facility eight months prior to its due date in September 2013, with a €275 mln facility from a club of five banks in Germany.
The financing club was put together by Rockspring's group treasurer, Andrew Grant Duff, and was led by Frankfurt-based SEB as agent and lead arranger. The other banks included Landesbank Hessen-Thüringen Girozentrale, Deutsche Hypothekenbank, Coreal Credit Bank and ING Bank.
GRBF, which launched in 2005, has 12 institutional investors and, following three completed sales in 2012, a gross asset value of just under €650 mln.
The fund's portfolio comprises 50 food-anchored retail warehouse parks and hypermarkets, with over 95% by value in former West Germany.
Rockspring manages over €1 bn of retail warehouse properties in Germany and has been active in this market for the last eight years.
